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TOP TIPS FOR BUYING
Feb 25, 2016
1. Speak with an Independent Financial Adviser to find out how much you can borrow and what your repayments would be.
2. Talk to one of our a solicitors at Ross & Connel to discover what you need to know about buying a house in Scotland. A solicitor will make the offer on your behalf and handle all the legal aspects of your transaction, including arranging the payment of stamp duty. Having your solicitor in place at the outset of your buying journey will make the offer stage go more smoothly.
3. Use a budget planner to make sure you know all of the costs involved. Using this, with the information provided by your mortgage adviser and solicitor, will let you know how much you can afford to spend on a property and is an essential requirement before you start your property search.
4. It’s now time to start your search. Browse Ross & Connel and the ESPC websites, register on our databases.
5. Your online search will help you find some places that you like. Now it’s time to get out and about viewing properties. We can’t stress enough just how important it is to go view a number of homes for sale in order to find your dream home.
6. Do make sure to read the Home Report for any property you are seriously interested in. Containing a Single Survey and Energy Report which are provided by a qualified surveyor as well as a Property Questionnaire, the Home Report provides you with an overview of the condition of a property, a valuation price from the surveyor as well as details of accessibility and the energy efficiency of the home. It’s a really worthwhile read.
7. Found somewhere you love? Great! Now is the time to get in touch with your solicitor estate agent who can note interest and make offers on your behalf. They will help you to decide on an appropriate amount to offer and will handle of the legal aspects of your property purchase. You will also need to consider how much property tax you will need to pay. Since 2015, all properties sold in Scotland need to pay Land & Buildings Transaction Tax (LBTT), not Stamp Duty like previously and which is still valid in England and Wales. Work out how much LBTT you will need to pay on your dream home.
8. Once your offer has been accepted and your solicitor is organising the purchase, make sure to get in touch with your mortgage adviser who will help you to finalise your mortgage and also help you to consider the relevant insurance that you will need.
9. Your solicitor will be working to complete the ‘missives’ which is the name for the negotiated property contract in Scotland. Once this is done, you are legally obliged to pay for the property on the agreed date.